Genesis Energy, L.P. Reports Third Quarter Results.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Nov. 9, 2001 Genesis Energy, L.P. (AMEX AMEX See: American Stock Exchange :GEL gel: see colloid. ) today issued the following:
Earnings Highlights
(in thousands except per unit amounts)
Nine Months Ended Three Months Ended
Sept. 30, Sept. 30,
2001 2000 2001 2000
---- ---- ---- ----
Net Income Excluding
FAS 133 Effects $2,139 $949 $1,322 $1,520
Per Unit - Basic
and Diluted $0.24 $0.11 $0.15 $0.17
Effects of FAS 133 after
Minority Interest Effects $3,965 $ -- $(1,589) $ --
Per Unit - Basic
and Diluted $0.45 $ -- $(0.18) $ --
Net Income (Loss) after
Minority Interest Effects $6,104 $949 $(267) $1,520
Per Unit - Basic
and Diluted $0.69 $0.11 $(0.03) $0.17
Genesis Energy, L.P. announced today that its net income before the change in the fair value of derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. for the quarter ended Sept. 30, 2001, was $1,322,000, or $0.15 per unit. This compares to income for the quarter ended Sept. 30, 2000, of $1,520,000, or $0.17 per unit. Minority interests had no effect on the reported income for the 2001 period. Income before the reduction for the minority interests in the 2000 period was $1,900,000. The Partnership recorded an unrealized loss Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. , net of minority interest effect, of $1,589,000 in 2001, or $0.18 per unit, for the third quarter effect of marking contracts to fair value in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accountings Standards No. 133. Income before the cumulative effect adjustment and the change in the fair value of derivatives for the nine months ended Sept. 30, 2001, was $2,139,000, or $0.24 per unit. This compares to net income for the nine months ended Sept. 30, 2000, of $949,000, or $0.11 per unit. Minority interests had no effect on the 2001 reported amounts. Income before the reduction for minority interests in the 2000 period was $1,186,000. The Partnership recorded an unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. , net of minority interest effect, of $3,498,000, or $0.40 per unit, for the effect of marking contracts to fair value for the nine-month period in 2001. The Partnership adopted FAS 133 on Jan. 1, 2001, and recorded an adjustment to net income for the cumulative effect of the adoption. That adjustment, net of minority interests was a gain of $467,000, or $0.05 per unit. As previously announced, the Partnership will pay a quarterly distribution of $0.20 per Common Unit on Nov. 14, 2001, to Common Unitholders of record at the close of business on Oct. 31, 2001. Genesis Energy, L.P. will broadcast its Second Quarter Earnings Announcement Conference Call on Tuesday Tuesday: see week. , Nov. 13, 2001, at 2:00 p.m. Central. This call can be accessed at www.genesiscrudeoil.com. Choose the Investor Relations Investor relations The process by which the corporation communicates with its investors. button. Listeners should go to this Web site at least fifteen minutes before this event to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. For those unable to attend the live broadcast, a replay will be available beginning approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one hour after the event. Genesis Energy, L.P., operates crude oil common carrier pipelines and is an independent gatherer and marketer of crude oil in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with operations concentrated in Texas, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , Alabama Alabama, indigenous people of North AmericaAlabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by , New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). and Oklahoma Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). . This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Genesis believes that its expectations are based upon reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil, ability to obtain adequate credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , environmental risks, government regulation, the ability of the Company to meet its stated business goals and other risks noted from time to time in the Company's Securities and Exchange Commission filings. (tables to follow)
Genesis Energy, L.P.
Summary Consolidated Statements of Operations
(in thousands except per unit amounts and volumes)
Nine Months Ended Nine Months Ended
Sept. 30, 2001 Sept. 30, 2000
------------------ ------------------
Revenues $2,672,819 $3,289,771
Cost of Sales 2,656,142 3,273,526
----------- -----------
Gross Margin 16,677 16,245
General & Administrative
Expenses 8,695 8,161
Depreciation and
Amortization Expense 5,630 6,129
----------- -----------
Operating Income 2,352 1,955
Interest, Net (373) (805)
Change in Fair Value of
Derivatives 3,499 --
Gains on Asset Sales 160 36
----------- -----------
Income Before Minority
Interest and Cumulative
Effect of Change in
Accounting Principle 5,638 1,186
Minority Interest 1 237
----------- -----------
Income Before Cumulative
Effect of Change in
Accounting Principle 5,637 949
Cumulative Effect of
Change in Accounting
Principle, Net of
Minority Interest Effect 467 --
----------- -----------
Net Income $6,104 $949
=========== ===========
Net Income per Common
Unit - Basic and Diluted:
Before Cumulative Effect
of Adoption of
Accounting Principle $0.64 $0.11
Cumulative Effect of
Accounting Change 0.05 --
----------- -----------
Net Income $0.69 $0.11
=========== ===========
Wellhead barrels per day 86,390 100,852
Pipeline barrels per day 86,106 89,512
Three Months Ended Three Months Ended
Sept. 30, 2001 Sept. 30, 2000
------------------ ------------------
Revenues $821,647 $1,093,032
Cost of Sales 815,386 1,086,128
----------- -----------
Gross Margin 6,261 6,904
General & Administrative
Expenses 2,969 2,785
Depreciation and
Amortization Expense 1,863 2,048
----------- -----------
Operating Income 1,429 2,071
Interest, Net (119) (187)
Change in Fair Value of
Derivatives (1,589) --
Gains on Asset Sales 12 16
----------- -----------
Income (Loss) Before
Minority Interest (267) 1,900
Minority Interest -- 380
----------- -----------
Net Income (Loss) $(267) $1,520
=========== ===========
Net Income (Loss) per
Common Unit-
Basic and Diluted $(0.03) $0.17
Wellhead barrels per day 82,280 98,601
Pipeline barrels per day 81,829 87,889
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